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Online Drug Sellers Lead China Tech Losses on Fears of Sales Ban

  • Shares of Alibaba Health and JD Health drop more than 13% each
  • Hang Seng Tech drops 4.4% on pharma losses, recession concerns
The Alibaba Health Information Technology website.

The Alibaba Health Information Technology website.

Updated on

Shares of China’s online drug sellers slumped in Hong Kong on Wednesday after a media report renewed concerns that Beijing may ban third-party platforms from offering medicines over the internet. 

Alibaba Health Information Technology Ltd. plunged 14% and JD Health International Inc. tumbled 15%, wiping out three days of strong gains. Weakness in pharmaceutical shares and concerns of a global recession led the Hang Seng Tech Index to a decline of 4.4%.